Sergio Marchionne

FCA CEO Sergio Marchionne is planning a sweeping transformation of production in Italy that will see FCA abandon the manufacture of the Punto and MiTo small cars in favor of upscale models, Bloomberg reported.

Fiat Chrysler Automobiles CEO Sergio Marchionne said proposed changes to automotive rules by the U.S. government may prompt the Italian-American automaker to shift exports of the company's Mexican-made vehicles.

Sergio Marchionne spent the last 14 years transforming FCA through a series of spinoffs and mergers from a near-bankrupt Italian conglomerate into a profitable automaker. His exit may open the door for the next big deal.

Fiat Chrysler CEO Sergio Marchionne called for a cooling-off over U.S. threats to impose tariffs on steel, aluminum and European car imports, warning the resulting "noise" was complicating talks on the future of NAFTA.